mChek plans to raise $15 mn PE funds to drive growth

BANGALORE: Mobile payments and security company, mChek is all set to expand its operations in the country and is now looking to raise $5-15 million in its second round of funding. Earlier funded by Draper Fisher Jurvetson, the company is likely to rope in another private equity player for its second round of expansion.

Rolling out its third expansion plan, mChek is now launching its services with four merchants — indiatimes.com, futurebazaar.com, sify mall and yatra.com. “By enabling payment through the mobile gateway, the customer can now complete transactions without filling in his card details every single time.

All that mChek users have to do is put in their mobile numbers and authenticate the transaction SMS with their mChek pin,” said Sanjay Swamy, CEO, mChek. “Customers are also wary of giving their credit card details because of security reasons. Through this process, purchases like tickets can be paid by someone else, while the details are being filled in by anyone else. Also all the messages sent during these transactions are not charged.”

Earlier, mChek tied up with Bharti Airtel for bill payment across the country. “The mChek pin that you send through an SMS for verification is never saved in sent messages. This make every transaction very secure,” Mr Swamy said.

Also, our databases do not save credit card details after the initial verification so that consumers do not have any security concerns,” Mr Swamy said.